Eastern Bank Review 2025

Boston-based Eastern Bank is Massachusetts’ second largest state-headquartered bank, managing just over $21 billion in assets.

It offers a solid range of banking, retirement planning, investment, and wealth management services, and convenient locations throughout the region it serves.

Among its consumer offerings, Eastern has free checking, flexible CDs, above-average money market account (MMA) rates, and a mobile app with high reviews for the iOS version.

What is Eastern Bank?

Founded in Boston, Mass. in 1818, Eastern Bank has been in continual operation for over 200 years. Over the centuries, it has transformed from a modest consumer savings bank to a full-service commercial bank that can meet the everyday financial and banking needs of consumers, small businesses, and large business enterprises.

Eastern Bank’s presence is strongest in Eastern Massachusetts, but it has locations throughout the state and in coastal New Hampshire and Rhode Island.

The bank specializes in leveraging its sizable assets, experience, and advanced technology to deliver custom-curated financial solutions — especially for high-net-worth individuals.

Although Eastern Cares customer service is limited to six (6) days a week, customers can bank 24/7 using the EasternBank.com website and mobile app.

Eastern Bank Checking Accounts

Eastern has three (3) different consumer checking account options.

Eastern Free Checking

The bank’s most basic checking account option, Eastern Free Checking has no monthly maintenance fees and no minimum balance requirements. An opening deposit of $25 is required to get started.

Account holders get access to Eastern mobile and online banking, an Eastern Bank debit Mastercard, electronic statements, and easy linkage to a Statement Savings account to automatically transfer funds at regular intervals and build your rainy day fund.

Eastern EZ Checking

A step up from Eastern Free Checking, the Eastern EZ Checking account has all the same benefits and also offers out-of-network ATM fee reimbursements for up to $10 per month.

A $50 minimum opening deposit is required. The account has a $10 monthly service fee, but Eastern Bank will waive the fee if you enroll in electronic (email) statements and make at least 15 debit card transactions (purchases only) per month or enroll in electronic statements and maintain an average account balance of at least $1,500.

Eastern Premier Checking

The bank’s top-tier checking account, the Premier account requires an opening deposit of $500.

Account holders get preferred rates on all deposit accounts, no overdraft fees, no stop payment fees, and free wire transfers. Additionally, all out-of-network ATM charges are fully reimbursed.

The account has no monthly service fees if you maintain a combined monthly balance of at least $25,000 for all checking, savings, CD, money market, IRA, and consumer loans (except home mortgages).

Eastern Bank Savings Accounts

Eastern offers one traditional savings deposit account option, called Statement Savings.

Statement Savings

A no-frills way for consumers to save for a rainy day, customers can open an account with as little as $10. There are no minimum balance requirements and no monthly service fees.

Balances earn an APY of 0.01%, with rates compounded monthly.

Eastern Bank CD Accounts

Certificates of deposit (CDs) provide a secure way to save money and earn a decent rate of return at rates of interest guaranteed by Eastern Bank.

The APY depends on the CD type, opening deposit amount, and CD terms.

Eastern offers three (CD) options:

Featured CDs

Featured CD accounts pay the highest APY. A minimum deposit of $2,500 is required, and CDs can be purchased for terms of six (6), or 11 months.

Interest is compounded monthly for 12-month CDs. For shorter-term instruments, a simple compounding method is used.

Premier Account CDs

Premier CDs are available only to Premier checking account holders. CDs pay much lower APY, but come in a more flexible range of terms and opening deposit requirements.

CDs with terms of three (3) to 11 months require a $2,500 deposit.

Those with longer terms, ranging from 12 months to 60 months or more, require a $500 account deposit.

Personal Account CDs

Personal Account CDs have the same options as Premier CDs for term lengths, APY returns, and minimum opening deposit.

Personal CDs do have one (1) unique offering: a variable-rate IRA CD with twelve-month terms.

Eastern Bank MMA Account(s)

The bank offers three (3) different money market account (MMA) options.

Featured Premier Money Market

Earn a tiered rate of interest on your account compounded monthly.

• $10 to $9,999: 0.10% APY
• $10,000 to $99,999:  0.30% APY
• $100,000 to $249,999: 2.00% APY
• $250,000 and greater: 2.95% APY

Premier Money Market

Earn a tiered rate of interest on your account compounded monthly.

• $10 to $9,999: 0.10% APY
• $10,000+: 0.30% APY

Prime Liquid Assets

Earn a tiered rate of interest on your account compounded monthly.

• $10 to $9,999: 0.10% APY
• $10,000+: 0.30% APY

Eastern Bank Additional Products

Beyond Eastern Bank’s deposit accounts, CDs, and MMAs, it offers a host of other products and financial services.

• Digital wallets
• Home mortgages
• Commercial real estate financing
• Quicken software – monitor and analyze spend
• Home equity lines of credit
• Mass Save Heat loans
• Auto loans
• Student loans
• Personal loans
• Cash reserve lines of credit
• Rewards credit cards
• Secured (credit build) credit cards
• Retirement planning
• Insurance products
• Financial planning
• Portfolio management
• Fiduciary services
• Online learning — financial literacy
• Business and commercial banking, financial services, and treasury management

Eastern Bank Features

Here are some of the bank’s notable key features:

• Branch presence: 120+ locations in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island
• ATM Network: Access to SUM network of ATMs; thousands of locations in 42 states and Puerto Rico.
• Highly rated iOS app: 8 stars in iTunes. The Android app has a mixed 3.7-star rating.
• Customer service: Solid online customer service center with clearly displayed phone numbers, hours, addresses, common FAQs, and various customer notices.
• Accolades and recognition: Eastern Bank has won several awards, including #1 SBA Lender in New England and Massachusetts, Largest Independent Investment Advisor in Massachusetts, Aite Impact Innovation Award for Artificial Intelligence (AI) and Analytics, Best Places to Work for LGBTQ+ Equality, Top 100 Women-Led Businesses, and more.

Pricing and Fees

Eastern Bank offers additional services to customers, such as card replacements or stop payment orders, for a fee.

Here’s an overview of some of the more noteworthy fees that are listed in their schedule of fees.

Intuit/Quicken

Free for Premier customers, there is a $10 fee for other Eastern customers to use this software feature.

Expedited ATM/debit card

There’s a $35 fee to get a rush replacement card for all customers except Premier customers who are offered this courtesy free.

Money Order

There is a $5 fee for money orders (MOs) for all bank customers, except Premier customers who can use this service for free.

Treasurer’s Check

Free for Premier customers or $9 per Treasurer’s check for other bank customers.

Liens and Writs

There is a $100 fee per lien or writ that the bank must execute. The fee is the same for Premier and non-Premier customers.

Levies

There is a $100 fee per levy order — issued by either the Commonwealth or the federal government. The fee is the same for Premier and non-Premier customers.

Overdraft Fee

There is no overdraft fee assessed for Premier account holders. For other customers, there is a $35 fee per item paid into overdraft with a limit of one overdraft fee per day.

Return Deposit Item

For any deposited or cashed check that is returned unpaid, there is a $5.71 fee per item. This fee is waived for Premier customers.

Stop Payment

Offered free of charge to Premier customers, there is a $30 fee per stop payment order for other bank customers. For extended stop payments (i.e., a series of regular payments) the fee is $35.

Wire Transfer Fees

All wire transfers are free for Premier customers. For other customers, the fee structure is as follows:

• $12 incoming — foreign or domestic
• $23 outgoing — domestic
• $45 or $70 outgoing — foreign ($45 for U.S. currency or $70 for international currency)

Coin Verification

There is a $4 per page fee for coin counting. There’s no charge for Premier customers.

International Card Transaction Fees

For all Eastern Bank customers, there is a 1% transaction fee (1% of the U.S. dollar amount) for international transactions made with your bank card.

Getting Started

To join Eastern Bank, visit a store location during normal business hours, or you can join online.

• Visit the website at EasternBank.com.
• Select apply now (orange button) on the checking and savings account page in the Personal Banking section. https://apply.personal.easternbank.com
• Provide your name, email, phone number, Social Security number (SSN), and physical mail address.
• Confirm your email address or cell phone number. Provide the verification code that is emailed or texted.
• Prove your identity. Take and/or send a picture of your ID card AND a selfie.

Promotions

Eastern Bank does not have any current new-product or new-member promotions but does periodically offer them.

In a recent (last fall) promotion that has since expired, Eastern offered a cash bonus of up to $600 for new customers enrolling in Free Checking.

To get the bonus, customers needed to:

1. Open a new Eastern Free Checking account using a specific sign-up link.
2. Within 90 days, receive 2 or more direct deposits totaling at least $1,000 to earn $200; totaling $4,000 to earn $350; totaling $15,000 or more to earn the full $600.

Any bonus was awarded within 30 calendar days of meeting the conditions.

Security

Eastern Bank does an excellent job keeping your money and data safe.

Firstly, Eastern Bank is a Member FDIC institution. This means funds in deposit accounts are safe, backed by the federal government for up to $250,000 per account holder.

Additionally, Eastern Bank uses best cybersecurity practices to safeguard your account information, including firewalls, data encryption, selfie logins, and other multi-factor identification methods.

Customer Support

Eastern Bank offers several ways for customers to contact the bank or reach a customer service agent.

• Visit a branch location: Customer financial centers are open Monday to Friday from 9 a.m. to 5 p.m. and Saturdays from 9 a.m. to noon.
• Phone: Call 1 (800) EASTERN (327-8376). Customer support hours are Monday to Friday from 7 a.m. to 8 p.m. and Saturdays from 9 a.m. to 3 p.m. Automated banking (phone menu) is available 24/7.
• Live chat: Chat agents are available Monday to Friday from 8 a.m. to 4 p.m.
• FAQ pages: General Banking FAQs in the Customer Service Center have helpful information for customers’ most commonly asked questions.
• Mail address: Write to Eastern Bank, Customer Service Center, P.O. Box 391, Lynn, Massachusetts 01903-0491

Customer Reviews

Here’s what customers have to say about doing business with Eastern Bank.

5-Star Review

Been a customer since 2011. Always excellent customer service, especially in person! Always responsive to concerns and ensures prevention of any fraud.

4-Star Review

I have had an Eastern bank account for years. It is very convent and there is about one on every street corner. The only thing I don't like is that they offer such lower savings. My mother set one up for me when I was around 12. I was able to get a checking when I was 17. The customer service is great. The teller at my local bank always remembers my name.

2-Star Review

Opening the account was easy. I had online access to my account. The staff was friendly. However, there were several times that I got charged different fees that were not clearly explained.

Pros and Cons

Here’s a more in-depth recap of the pros and cons we briefly touched on at the start of the article.

Pros

• Competitive rates for CDs and MMAs: The bank offers MMA rates as high as 3.55% and CD rates as high as 5.3%.
• Deep-rooted community ties: 200+ year history in the Massachusetts area with numerous convenient locations.
• Excellent transparency: The Bank clearly discloses APYs, interest rates, and fees for products and services on the website in an organized and easy-to-find manner.
• Robust investment services: Eastern offers a range of wealth management, financial planning, and investment services, including fiduciary services.

Cons

• Limited branch presence: No branch offices outside of Massachusetts, Rhode Island, and New Hampshire.
• Low APYs for deposit savings and checking accounts. Many other financial institutions, even small banks, offer better APYs than Eastern’s rates.
• Limited customer service hours: Customer service is only offered on Monday to Friday business days and half days on Saturday. Hours of phone support are also limited.

Alternatives to Eastern Bank: Other Banks & Credit Unions

If you’re considering Eastern Bank, it’s a good idea to compare your options. Here are a few other financial institutions in the area to also evaluate.

TD Bank

As one of America’s top 10 largest banks, TD Bank delivers greater convenience in terms of customer service hours and a more expansive geographic presence. TD Bank has thousands of locations on the East Coast, including over 120 branch offices in Massachusetts.

Middlesex Savings Bank

Middlesex is another Massachusetts-based community bank. Founded in 1835 in Natick, just outside of Boston, it’s the Bay State’s largest mutual bank and has 32 locations. It offers some competitive CD products — like 3 to 5-month term CDs with a 5.25% APY and decent savings deposit interest rates. Additionally, customers appreciate that Middlesex Savings Bank has a true hometown feel.

Mass Bay Credit Union

While Mass Bay Credit Union has only four (4) branch locations (South Boston, Everett, Quincy, and the Seaport District), it offers some phenomenal member benefits like truly fee-free checking, competitive auto loan rates, and early payday. Customers with direct deposit set up can access their paycheck up to two (2) days early.

Customers meet member eligibility requirements in order to join:

• Live, work, or attend school in Norfolk County, Suffolk County, Middlesex County, Abington, Brockton, Hanover, Hingham, Lynn, Marshfield, Norwell, Peabody, Rockland, Saugus, Scituate, and Whitman.
• Current or former employees of Massachusetts Bay Transportation Authority (MBTA), MassDOT (or employer affiliated with MassDOT), or Massachusetts State Police.
• Immediate family members of current Mass Bay Credit Union

Frequently Asked Questions

Here are some of the most common questions that readers have about banking with Eastern Bank.

Is Eastern Bank stable?

Yes, Eastern Bank is very stable. It’s been in continual operation for over 200 years and is the state’s second-largest bank. The bank is regulated by the FDIC and has an FDIC member number of 32773.

What is the Financial Strength of Eastern Bank?

Eastern Bank has a very solid financial position. Utilizing the Texas Ratio (a measure of how much of the bank’s outstanding loans are high-risk), Eastern Bank is at 1.85% which is an excellent score and puts the bank at an “A+” grade.

As another reliable indicator of financial strength, Eastern Bank has an “A” grade for capitalization with over $2.3 billion in equity capital.

Is Eastern Bank a Big Bank?

Within Massachusetts, yes. In looking at total bank assets, Massachusetts is the second largest bank just behind State Street Bank & Trust Company. Nationwide, Eastern is a top 100 bank in terms of asset strength. It is the country’s 91st largest bank.

Is Eastern Bank a Mutual Bank?

Not anymore. Eastern Bank Corporation, a mutual holding company, merged into Eastern Bankshares, Inc. in 2020 as part of the conversion from a mutual company to a publicly traded holding company.

Eastern Bankshares, Inc. is governed by a Board of Directors elected by shareholders. The bank also has a Board of Ambassadors to influence and serve as community ambassadors.

Is Eastern Bank Best for Your Needs?

If you live in Massachusetts or neighboring states, Eastern Bank is worth considering. It offers a comprehensive line-up of services and products, competitive CD rates, and a strong investment portfolio. However, the trade-off is the bank’s savings and checking APYs are quite low, it has a limited branch network, and customer service is offered only six (6) days a week.

But if you’re firmly tied to the Massachusetts area and are looking for a community bank, Eastern Bank does a good job delivering solid, all-around banking experience.

Our Methodology

The BankBonus team has analyzed dozens of banks to provide our readers with thoroughly informed and accurate reviews.

We evaluate digital financial platforms, online banks, regional banks, and national banks across several metrics.

Our assessment of each bank factors in these considerations:

• Product lineup: We review the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
• Fees and pricing: We also consider each institution’s fees, including monthly maintenance fees and other service charges.
• Account features: To compare banks, we take a close look at the features, limits, and capabilities each one has to offer.
• Interest: Along with these features, we consider whether or not the bank offers interest-bearing accounts and compare their rates to industry averages.
• Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC
• User experience: Additionally, we consider the ease of use and availability of resources on each bank’s website and factor in reviews of the mobile app from the Apple App Store and Google Play Store.
• Branch and ATM access: To gauge convenience, we also look at each bank’s branch and ATM availability and consider their ATM reimbursement policies.
• Customer service: In our review process, we also explore banks’ customer service channels, hours of availability, and third-party reviews.